Big rise in bankruptcy in last decade

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THERE has been a steep rise in the number of bankruptcies in Worcestershire during the past ten years a new report has revealed.

More than four times as many people are declaring themselves bankrupt compared to a decade ago, according to figures released by the Insolvency Service.

They show the number of bankruptcies in the county rose from 5.2 per 10,000 people in 2000 to 21.1 per 10,000 in 2009.

And the debt advice charity Consumer Credit Counselling Service (CCCS) fear this figure will continue to climb over the next few years as the economic downturn takes its toll.

The charity say pressures such as high inflation, redundancy and wage freezes are squeezing household budgets and many people across the county remain financially vulnerable.

CCCS debt expert Delroy Corinaldi said: “The rise in the rate of bankruptcy in Worcestershire over the last ten years is alarming. Anyone in Worcestershire who is concerned about their debts should seek advice and support from a debt charity such as CCCS or their local Citizens Advice Bureau as soon as they realise they have a problem. The sooner you seek help, the less the likelihood the outcome will be bankruptcy.” CCCS has produced a free online guide for anyone wanting to know more about bankruptcy and what it involves. It can be downloaded at www.cccs.co.uk